The CPI was 170 last year and is 190 this year. What is the inflation rate between these two years?
A) 20 percent B) 11.8 percent C) 18 percent D) 15.0 percent E) 10.5 percent
B
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Who of the following is counted as "unemployed" by the Bureau of Labor Statistics?
a. someone working without pay for a family member's business b. someone who is absent from their job due to illness c. someone on temporary layoff d. All of the above are correct.
Refer to Table 8.1. Assume that the relevant time period is the short run. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, this firm's total cost of producing one unit of output is A) $100. B) \$120. C) $220. D) indeterminate from this information.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
If a straight line crosses the Y-axis at 5 and crosses the X-axis at 10, we can conclude that the slope of the line is
A. positive. B. zero. C. infinity. D. negative.